Bauxite production reached record-levels this quarter for Norsk Hydro, reflecting the continued improvement efforts made over the last years in Paragominas, explained Svein Richard Brandtzaeg, president and CEO, Norsk Hydro.
“We continue to strengthen our bauxite operation, and have signed a letter of intent with Brazilian mining company Vale for the possible acquisition of Vale’s 40% interest in the Brazilian bauxite producer MRN,” Brandtzaeg said. “The record bauxite production, together with currency effects, also gave a historically low implied alumina cost for the quarter.”
The company’s earnings related to primary metals declined in the third quarter due to lower realized premiums and aluminum prices. A stronger U.S. dollar and somewhat higher sales volumes helped offset the decline.
